I believe that the retracement we witnessed in the last couple of weeks, is over and this pair is getting ready to resume the uptrend. The significant area around 1.21400 has been active of recent – we even had a false break below it that was quickly reversed. The H12 chart (not shown) gives a better picture of the hesitation within the S/R zone that I have marked and I am considering taking a long at the top of the H12 candle (1.2165) with a target at about 1.2330 region. We could have a nice 3R trade if this works out.
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Still waiting for the breakout, lets see what happens this week.